Illinois- i would like to know if anyone could offer me some advice.. i had a really good job until february of this year then i was laid off (company was bought out) and as a result i had my car repossessed. few months ago i purchased a car from one of those fly by night guaranteed auto finance places.. here is my dilema.. the car i have still has a loan of about $8000.00 but its constantly breaking down. i bought it "as is" so the dealership can do nothing about it. but im sick of constantly getting it repaired and since im so far upside down with all the negative equity and horrible credit i cannot get an auto loan anyplace! i have been in contact with a major new/used car dealership in the area and they told me a solution. they advised me to voluntarily give my car back (which would mean repo number 2). then they could get me in a nice car with low miles and much newer. but the place i bought this car from is not so nice. i know when and if i do give up my car they will try to hassle me and tell me no i cannot. but i have the right to do so right?? -distressed in illinois
If you are now dealing with a reputable dealer, you may ask them to return the car for you as part of your agreement on buying the new car. Chances are they know the laws (being in the business) and would gladly send someone over there to do it if it meant selling another car.
